Property buying is one of the biggest and most important decisions that one takes in their life. Not only property prices are exorbitant but finding the right home in the right location with proper amenities is always a daunting task for many.
Generally, people look for a place which is well connected and have enough space for all their family members. In India, metropolitan cities are one of the ideal choices when we think of settling down somewhere. Moving to a metropolitan city has become a requisite for those who are always chasing for better career and life. A big city like Mumbai often becomes a preferred choice, as it has everything which is required for a perfect living. According to a recent official survey, Mumbai is one of the metropolitan city in India that has seen a major transformation in real estate segment since the real estate market has started picking pace. Every day, numerous people from all parts of India move to Mumbai seeking to change their fortune. On the other hand, many expats have chosen Mumbai as their retirement city over the last few decades. This is clear indicator why real estate prices in the Mumbai are always soaring. People from all over India with a growing income are seen moving to Mumbai owing to the city's top-notch hospitals, distinctive educational institutions, IT hub, massive exhibition centers, unrestricted power, water supply & so on. While the other cities are bursting with creaking infrastructure, traffic chaos, high pollution levels & very limited open space, Mumbai comes as a breath of fresh air. It has modern infrastructure, recreation areas & is blooming with new jobs, education and research opportunities for everyone. Above all, with modes of transport i.e rail network, well-paved roads with dozens of flyovers, distance in Mumbai can be covered in minutes, not in hours, unlike the other Indian metros. A good news for property seekers in Mumbai is that government is making efforts to improve transportation facilities and the region’s infrastructure to meet the needs of the fast-growing migrant population. Besides this, the state government is implicating beneficial rules for developers under new laws so that the real estate developer and buyer relation can be made better.
Here are few key factors why people are presently feeling encouraged to invest in a home in Mumbai.
Home Loan Rates The marginal costs of fund based lending rates (MCLR) have allowed banks to offer cheaper rates of interest for home loans. The descend in MCLRs will present borrowers from the base rate systems to the new MCLR mechanism. This will bring the EMI down with MCLR in play. Thus people are finding buying a first home and even investing in a one feasible.
MahaRERA Act With MahaRERA strictly being implemented in the state and the projects and agents already registered under it, the people are finally finding hope to buying their first home. People are really welcoming the change and expecting things will change for the real estate market. Builders will become more transparent; will provide a credible market for home buyers, no more property delays and the Benami Property Act will enable correction of property prices.
GST The under-construction properties are taxed under GST at 12 percent. This has greatly reduced the incidences for double taxation. Also, ready-to-move-in properties do not fall under the ambit of GST. Thus many customers right now prefer to buy such home because it does not include any waiting period.
These aren't the end of the list because if you're in Mumbai or been to Mumbai, you know you will never run out or reasons why you should live in Mumbai. A surprising fact is that apart from Indians a huge number of NRIs have started buying properties in Mumbai. Many foreign property development companies are entering the realty market in Mumbai. They are collaborating with Indian property developers to lure home buyers with super-luxury flats and penthouses. A wonderful blend of culture and fun is attracting everyone to this bustling city. The shift is inevitable and is already happening. It's highly likely that in the coming next few years, Mumbai will reach its potential attracting property buyers from all over the world.